Main reasons to start your Totton lease extension

Top reasons for lease extension now:

A Totton leasehold property depreciates with the years remaining on the lease.

With a residential leasehold property in Totton, you are actually buying a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years remaining. Anyone in Totton with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has below 80 years left, under the relevant legislation the landlord can calculate and demand a greater premium, assessed on a technical multiplication, known as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Almost all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they can't get a mortgage, then the value of the property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Totton?

Engaging our service will provide you enhanced control over the value of your Totton leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Totton Lease Extension Example Cases:

Caitlin, Totton, Hampshire,

After protracted correspondence with the landlord of her ground floor flat in Totton, Caitlin commenced the lease extension process as the eighty year mark was swiftly coming. The lease extension was finalised in March 2009. The freeholder’s fees were negotiated to a tad over 450 pounds.

Totton case:

Mr and Mrs. J Bennett was assigned a lease of a ground floor apartment in Totton in February 1995. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Totton with a long lease were worth £250,000. The average ground rent payable was £50 billed per annum. The lease finished in 2096. Having 70 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Totton case:

Last Autumn we were approach by Dr R Ramírez , who was assigned a lease of a purpose-built apartment in Totton in March 2009. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical homes in Totton with an extended lease were valued around £246,800. The average ground rent payable was £60 billed quarterly. The lease end date was in 2076. Taking into account 50 years outstanding we approximated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of costs.